TaxTMI 
TaxTMI 
2016 (5) TMI 90
X X X X Extracts X X X X
X X X X Extracts X X X X
....grounds in his appeal. 1. The order of the learned Commissioner of Income-tax (Appeals)-V is wrong, illegal and opposed to facts of the case. 2. The learned Commissioner of Income-tax (Appeals) ought to have seen that the subject mentioned property on which section 50C was applied to ascertain the capital gains had inherent draw back which the Assessing Officer failed to appreciate despite specific pleas taken by the appellant explaining the inherent draw backs in the property. 3. The learned Assessing Officer erred in applying the guideline value of the property relevant to the year ending March, 2009 for the purpose of computation of capital gains by invoking section 50C of the Income-tax Act while the appellant....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Valuation Officer as defined in the statute. 7. The learned Commissioner of Income-tax (Appeals) ought to have seen that the stamp duty was payable by the purchaser and it was for the purchaser to either accept it or dispute it. The appellant could not, on the basis of the price fixed by the Sub-Registrar claimed anything more than the agreed consideration which, according to the appellant was highest prevailing market price. In such an event if the Assessing Officer reason ably believed the guideline value fixed by the registering authority as the market value than the Assessing Officer should, in all fairness given an option to the appellant to have the valuation made by the Departmental Valuation Officer contemplated under secti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nformed to the assessee, the assessee stated that the sale deed was not released after registration owing to sudden dispute and the case was pending before the court of law. Thereafter, the learned Assessing Officer after confirming the market value of the land from the Sub- Registrar's office invoked the provisions of section 50C of the Act and computed the capital gain on the sale of the immovable property, which consisted of land and building. 5. On appeal the learned Commissioner of Income-tax (Appeals) confirmed the order of the learned Assessing Officer by holding as under : "4. The only issue involved in this appeal is adoption of guideline value of the property sold for computing capital gain by invoking section 50C ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ection 50C of the Act, without referring the matter to the learned Departmental Valuation Officer to ascertain the market value of the immovable property. He further argued by stating that the market value as on April 1, 1981 was also not correctly adopted by the learned Assessing Officer while arriving at the indexed cost of acquisition for the purpose of computing capital gains. With the above submission, he pleaded that the matter may be remitted to the file of the learned Assessing Officer for de novo consideration. The learned Departmental representative on the other hand relied upon the orders of the Revenue authorities and pleaded that the same may be confirmed. 7. We have heard both parties and carefully perused the materials ava....